Sumsub, a full-cycle verification platform, announced its integration with Elliptic, a provider of crypto-asset risk management services.
This partnership enhances Sumsub’s crypto transaction monitoring and travel rules solutions, providing customers around the world with enhanced capabilities to screen cryptocurrency wallets, detect fraud and assess transaction risks.
Blockchain-related crime, including money laundering and fraud, remains a growing concern. In light of this, integrating Elliptic’s analytics into the Sumsub platform allows businesses to protect users, providing a comprehensive view of blockchain transactions to mitigate financial crime.
The integration allows customers, including companies in the blockchain, fintech and payments industries, to seamlessly connect existing Elliptic subscriptions to Sumsub’s system via the Bring Your Own Key (BYOK) model. This allows customers to use their own encryption keys to manage and secure their data, ensuring full control over sensitive information while using Sumsub’s compliance and monitoring services.
Customers can connect their existing Elliptic platform functionality to that of Sumsub, unifying their workflows around cryptocurrency portfolio screenings on a single dashboard.
Now, Sumsub customers can ensure alignment with strict regulatory requirements, with Elliptic offering the broadest coverage of cryptoassets and blockchains available on the market.
“We are excited to partner with Sumsub to create a stronger shield against financial crime in the crypto industry. As blockchain technology advances, so do the threats it faces, making comprehensive and adaptive tools essential,” said James Smith, co-founder of Elliptic. “By integrating Elliptic’s industry-leading blockchain analytics with Sumsub’s trusted verification and compliance platform, we enable businesses to proactively manage risk, protect their users, and stay ahead of demands regulatory. This integration not only strengthens fraud detection, but also promotes greater transparency and trust in the evolving crypto space, helping businesses confidently navigate a complex landscape.
“This partnership marks a significant advancement for crypto transaction monitoring, as Elliptic is a major and renowned player in the field of blockchain analytics. By integrating its analytics, we can continue to push the boundaries in the fight against financial crime, with the world’s largest ecosystem of virtual asset service providers (VASP),” said Ilya Brovin, Chief Growth Officer at Sumsub . “At Sumsub, we are committed to fostering trust in the crypto industry. Together with Elliptic, we can provide powerful tools to streamline compliance, mitigate risk, and stay ahead of emerging threats in the industry.
